While Wall Street had been bogged down by regulations and scandal, London took the crown for leading global financial center. Now, with the Barclays and LIBOR-rigging investigation, the British city could find itself being regulated as well.

The British Parliament has started investigating the ethics of London's financial center. This follows that big scandal involving the British bank Barclays, which was fined a half billion dollars for rigging a key interest rate called LIBOR.

Diamond testified before a committee of the British parliament today about charges Barclays manipulated a key interest rate called the LIBOR. The bank's already been fined over $450 million, but it could be just the beginning of the fallout.